Robotic Process Automation (RPA) is a technology that automates mundane and repetitive tasks in organizations, thus helping in workforce optimization and reduce operational cost. Robotic process automation is done through software robots that are capable of undertaking tasks within an organization that would otherwise require humans. Banking & Financial sectors, legal sector, and IT industries are major application areas for implementation of RPA. With growing acceptance of RPA across different verticals, RPA providers have come up with enhanced features that would assist organizations in integrating multiple systems.
Increased efficiency, accuracy, reduction in cost and resource optimization are the key factors driving the RPA market. RPA assists in decreasing the turnaround time which leads to significant improvement in SLAs. Further, RPA eliminates the need for additional back office resources and automates the work process, leading to substantial reduction in operational cost. Moreover, it supports in proper resource optimization through effective task allocation and management of resources. In the current business scenario, RPA is majorly used in the BFSI sector, however, it made strong inroads in the IT and Business process outsourcing (BPO) industry.
Robotic Process Automation market has been segmented based on type, operation, process, industry, and geography. Based on Industry the market is segmented into Banking, Financial & Insurances, Travel, Hospitality & Transportation industry, Retail & consumer goods, Healthcare & Pharmaceuticals, Telecom & IT industry, Manufacturing & logistic industry and others. On the basis of the type, the market is segmented into tool based and service based. Based on the operation, it is segmented into Rule-based operation and knowledge-based operation. On the basis of process, it is segmented into automated solution, Decision support & management solution and interaction solution. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and Rest of the world.
The key players operating on the RPA market include Nice Systems Ltd., Pegasystems Inc., Automation Anywhere, Blue Prism PLC, Ipsoft, Inc., Celaton Ltd., Redawood software, Uipath SRL, Veriant System Inc. and Xerox Corporation.
Robotic Process Automation Market Segmentation
• Banking, Financial services and Insurance
• Travel, Hospitality and Transportation Industry
• Retail and consumer goods
• Healthcare and pharmaceuticals
• Telecom and IT industry
• Manufacturing and logistic industry
• Tool based
o Model-based Application Tools
o Process-based Application Tools
• Service based
o Integration and development
• Rule-based operation
• Knowledge-based operation
• Automated solution
• Decision support and management solution
• Interaction solution
• North America
o Rest of Europe
• Asia Pacific
o Rest Of APAC
• Rest of World
o Latin America
o Middle East
Robotic Process Automation Market Key Players
• Nice Systems Ltd.
• Pegasystems, Inc.
• Automation Anywhere
• Blue Prism PLC
• Ipsoft, Inc.
• Celation Ltd.
• Redwood Software
• Uipath SRL
• Veriant Systems Inc.